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Contract-Theoretic Approaches to Wages and Displacement
Denhaan, Wouter; Ramey, Garey; Watson, Joel - National Bureau of Economic Research (NBER) - 1999
This paper develops a theoretical framework for analyzing contracting imperfections in long-term employment relationships. We focus chiefly on limited enforceability and limited worker liquidity. Inefficient severance of employment relationships, payment of efficiency wages, the relative...
Persistent link: https://www.econbiz.de/10005084513
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Identifying Equilibrium Models of Labor Market Sorting
Manovskii, Iourii; Hagedorn, Marcus; Law, Tzuo Hann - National Bureau of Economic Research (NBER) - 2012
particular, these data are sufficient to assess whether matching between workers and firms is assortative, whether sorting is … matching between employers and employees based on their unobserved characteristics. This paper enables this line of research …. We show theoretically that all parameters of the classic model of sorting based on absolute advantage in Becker (1973 …
Persistent link: https://www.econbiz.de/10010652319
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Crises and Liquidity in Over-the-Counter Markets
Lagos, Ricardo; Weill, Pierre-Olivier; Rocheteau, Guillaume - National Bureau of Economic Research (NBER) - 2009
We study the efficiency of dealers' liquidity provision and the desirability of policy intervention in over-the-counter (OTC) markets during crises. Our theory emphasizes two key frictions in OTC markets: finding counterparties takes time, and trade is bilateral, with quantities and prices...
Persistent link: https://www.econbiz.de/10008627111
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Crashes and Recoveries in Illiquid Markets
Lagos, Ricardo; Weill, Pierre-Olivier; Rocheteau, Guillaume - National Bureau of Economic Research (NBER) - 2008
We study the dynamics of liquidity provision by dealers during an asset market crash, described as a temporary negative shock to investors aggregate asset demand. We consider a class of dynamic market settings where dealers can trade continuously with each other, while trading between dealers...
Persistent link: https://www.econbiz.de/10005710803
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Efficiency versus Equity in the Allocation of Medical Specialty Training Positions in Spain: A Health Policy Simulation Based on a Discrete Choice Model
Harris, Jeffrey E.; López-Valcárcel, Beatriz G.; … - National Bureau of Economic Research (NBER) - 2014
among final-year medical students in the same cohort. Methods. We modeled the MIR system as a one-sided matching mechanism …
Persistent link: https://www.econbiz.de/10010969452
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The Efficiency of Real-World Bargaining: Evidence from Wholesale Used-Auto Auctions
Larsen, Bradley - National Bureau of Economic Research (NBER) - 2014
This study quantifies the efficiency of a real-world bargaining game with two-sided incomplete information. Myerson and Satterthwaite (1983) and Williams (1987) derived the theoretical efficient frontier for bilateral trade under two-sided uncertainty, but little is known about how well...
Persistent link: https://www.econbiz.de/10010951057
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Early Admissions at Selective Colleges
Avery, Christopher N.; Levin, Jonathan - National Bureau of Economic Research (NBER) - 2009
Early admissions is widely used by selective colleges and universities. We identify some basic facts about early admissions policies, including the admissions advantage enjoyed by early applicants and patterns in application behavior, and propose a game-theoretic model that matches these facts....
Persistent link: https://www.econbiz.de/10005828520
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Equilibrium Wage and Employment Dynamics in a Model of Wage Posting without Commitment
Mortensen, Dale T.; Coles, Melvyn G. - National Bureau of Economic Research (NBER) - 2011
A rich but tractable variant of the Burdett-Mortensen model of wage setting behavior is formulated and a dynamic market equilibrium solution to the model is defined and characterized. In the model, firms cannot commit to wage contracts. Instead, the Markov perfect equilibrium to the wage setting...
Persistent link: https://www.econbiz.de/10009220650
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Adverse Selection in Competitive Search Equilibrium
Shimer, Robert; Wright, Randall; Guerrieri, Veronica - National Bureau of Economic Research (NBER) - 2009
matching, which depends in general on the principals' capacity constraints and market search frictions. We characterize …
Persistent link: https://www.econbiz.de/10004991263
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Layoffs, Lemons and Temps
House, Christopher; Zhang, Jing - National Bureau of Economic Research (NBER) - 2012
We develop a dynamic equilibrium model of labor demand with adverse selection. Firms learn the quality of newly hired workers after a period of employment. Adverse selection makes it costly to hire new workers and to release productive workers. As a result, firms hoard labor and under-react to...
Persistent link: https://www.econbiz.de/10011188526